Archive 2009
| Date | 12/03/2009 |
| Bank | equinet |
| Author | Adrian Pehl |
| Recommendation | Reduce |
| Analysts Reports "Our assumptions for the Trinos portion of our updated model are highly speculative both regarding P&L and purchase price as only very limited information was provided. Nevertheless, we rate the deal positive – albeit EBIT margins of PFV will be diluted probably by > 50bp – as PFV has transferred some of its excess cash to a reasonable purpose. We raise our PT to EUR 46 (44). We nevertheless stick to our ‘Reduce’ recommendation as even after accounting for higher EPS as a result of the deal, PFV remains an expensive investment with a current P/E’11 of 17.4x (cash adj. 16.2x)..." | |